Roger Lim
Senior Estate & Succession Practitioner
B.com, AEPP®, CFP®, IBFA (Level 2)
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Share the Practitioner
[Short introduction of Roger Lim]
This interview was taken as an excerpt from 17th issue of “The Custodian”.
Estate & Succession Practitioner (ESP) Sharing
For this issue, we invited Mr Roger Lim (RL) to share with us his thoughts about his Estate Planning Practice. He has recently concluded a Zoom sharing with our ESPs which garnered keen interests from the ESPs. We seized this opportunity to catch up with Roger to share more insights on his practice.
1. When did you become a Precepts ESP?
I joined in 2016 and have enjoyed my growth in my knowledge and skill in estate planning since then.
2. What prompted you to consider a career and business as a PreceptsGroup ESP? Why did you choose to work towards specialising in Estate Planning?
3. What have you done so far towards becoming a specialist in Estate Planning? What difference had PreceptsGroup provided in your journey?
I advocate and practise foundational financial planning, which is a set of financial management principles every person should acquire and use to achieve financial security in one’s life.
During my CFP® course which I pursued, I learnt that estate planning is an integral part of a person’s financial plan. I am happy to work and associate with PreceptsGroup to help me put estate planning into practice. The key difference in my role is as an ESP is where I am engaged in the plannning and advisory process, rather than being a passive referral. PreceptsGroup is a well established organisation and is able to provide the full-fledged estate planning solutions which are vital to meet my clients’ different estate planning needs.
4. What are some of your core beliefs for Estate Planning? What are some of your fundamentals for Estate Planning?
5. What do you think consumers should look out for when they are doing their estate planning to distribute their Wealth?
Consumers should always look for a certified estate planner when arranging their estate planning. The planner must be able to demonstrate his/ her competency in understanding the client’s situation and formulating the plans to ensure the distribution is able to meet the requirements.
Estate planning is not about drafting a legal document. The first step is to plan carefully on the distribution. Most consumers are not aware of the various options they have and solely focused on getting a legal document drafted as simply as possible.
6. What are the challenges faced by clients when they are arranging estate planning with you?
The greatest challenge is that clients always feel that bad things like sudden death or falling into a coma is not going to happen to them now. Most elderly clients also do not like to mention about death. As I have been a financial planning practitioner for many years, my clients have a certain level of rapport with me which makes it easier for me to perform my duty to help them start the process. For some, they need to overcome their inner thoughts that planning early correlates to dying early.
7. What are some strategies you use to help them overcome these challenges?
Having been a financial planning practitioner coupled with my years of experience as an estate planner,
I have personally witnessed and handled or heard stories relating to different cases. I will share these experiences with my clients in relevance to their situations.
8. How long do your clients usually take to complete a family wealth succession?
It depends on the complexity and the willingness of the client to discuss the matter. Usually, we can conclude the instructions in 2 appointments.
9. What do you enjoy most with the estate planning business?
I am happy that I am able to practise estate planning under the guidance and framework of PreceptsGroup. It makes me feel that I have empowered my clients to deal with a matter which they know is important but have procrastinated due to a lack of understanding of the subject.
10. Do you have any memorable parts of the business to share with us?
One memorable incident is when a client referred his father to do his estate planning with me. He only understands Hokkien and requires a hearing aid due to old age. He talked to me for a long while to make sure I can understand his Hokkien before we start discussing the estate planning matter. What amuses me was I had to raise my voice throughout the session to ensure he can hear me well.
11. What do your colleagues and/or family members think about you being an ESP?
I have a young family and greatly value my family time. Prior to Covid-19, we travelled frequently together. Being involved in this business, my family knows that I want to ensure they will have a structured way of using the monies I potentially will leave for them and to plan for various scenarios for them.
My colleagues within my advisory group have always referred their clients to me for estate planning as some of them are not practising estate planning. Through this collaboration, it helps my fellow colleagues to formulate other financial plans into their clients’ estate plan and it is win-win for the group.
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